Question: Your grandfather will sell you a beach front property for
Your grandfather will sell you a beach front property for $72,500. He says the price is firm whenever you can pay him cash. You know that your finances will only allow you to save $5,000 a year and that you can make 8% on your investment. If you invest faithfully every year at the end of the year, how long will it take for you to accumulate the necessary $72,500 future cash for the beach front property?
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